I cannot get my servicer to answer my modification requests. Will mediation help?
Yes. Mediation will offer you an opportunity to talk face-to-face with your servicer's representative and get a final answer to your request. In addition to the mediation, you should continue to reach out to the servicer both before and after the mediation to negotiate a positive outcome. If you request mediation, a foreclosure sale cannot occue until at least 15 days after the mediation takes place.
How long does the mediation process take?
Mediations are scheduled wothin 60 days from the homeowner's request. Lenders are not allowed to hold a foreclosure sale until at least 15 days after the mediation takes place.
Why should you hire an attorney to represent you?
Foreclosure is a legal process and the banks will have their lawyers at the mediation; to help your advocate for your rights, you will benefit from a lawyer on your side.
Is every homeowner entitled to a loan modification?
No. Not every homeowner will be able to obtain a loan modification.
What other alternatives to foreclosure can I achieve at mediation?
Borrowers may also be able to negotiate a forbearance, reinstatement, short sale, deed in lieu of foreclosure, or other opportunities for a homeowner to relinquish the property before a foreclosure occurs.
What if mediation does not settle the dispute?
You must present your legal defenses or claims to the circuit court to dispute the foreclosure within 15 days following the conclusion of the mediation. Civil Justice can assist you with a referral for these cases.